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Essentials milk, rice, soap, and turmeric prices increased by 10-20% in last year

March 16, 2024
7:04 am
GMT+5:30
Updated 4 months ago

Key essentials such as milk, rice, soap, detergent, turmeric and red chilli powder saw their prices increase by 10 – 20 per cent in the last year, revealed a survey by Kirana Club shared exclusively to ETRetail.

The survey featured Kirana owners from Uttar Pradesh, Rajasthan, Madhya Pradesh, Bihar, Maharashtra and Chhattisgarh. The price corrections have been tracked from January 2023 to 2024.

According to the survey, for milk, about 49 per cent of Kirana owners said that the prices have increased by 10 – 20 per cent in the last year.

Similar to milk, the majority of respondents (between 40 – 46 per cent) indicated that prices for soap and detergents increased by 10 – 20 per cent. According to the recent pulse report released by Kantar, washing powders in 2023 lost 300 grams per household leading to a drop in consumption.

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India’s retail food inflation in February rose to 8.66 per cent against 8.3 per cent in January. However, in categories such as spices, oil and milk continued to decline month-on-month, February data showed.

Commenting on the impact of upcoming elections on FMCG demand and prices, Anshul Gupta, founder, Kirana Club said, “Due to the upcoming general elections, Kiranas expect demand for FMCG products to see a jump, especially in rural areas. Additionally, store owners expect prices to remain stable during H1 this year on account of elections. ”

On the positives, the survey showed that the majority 61 per cent of Kirana owners said that the prices of edible oils decreased by 30 – 40 per cent when compared to the previous year. 2023 saw consistent pressure on edible oil prices. As per the Kantar report, the average spend in the cooking oils category rose by Rs 95.